3 Easy Steps To Sell Your Bitcoin In The Philippines
With the price of bitcoin price soaring to $11,900 within Q3 of 2019, cryptocurrency enthusiasts and new adopters alike are looking for new ways to can cash in and out of their bitcoin holdings. Whether it's your first time hearing about bitcoin or if you have been a long time bitcoin holder, there is still a lot of questions facing how bitcoin can be sold and traded into Philippine peso (PHP).
In this quick guide we will share with you some factors to take into consideration when selling your first bitcoin, as well as the best and most efficient ways to cash out from BTC to PHP.
1. Work with a Banko Sentral ng Pilipinas (BSP) accredited company
The BSP has been very open to virtual currencies such as bitcoin. With the Philippines crypto-friendly environment, bitcoin adoption has been on the rise as the Securities and Exchange Commission (SEC) has been working hard on cryptocurrency related transaction guidelines. BSP launched Circular no944, or the Guidelines for Virtual Currency Exchanges (VCE), back in 2017 with 13 companies within the Philippines including Rebittance Inc., a wholly owned subsidiary of Satoshi Citadel Industries (SCI), Etranss Remittance International Corp., Fyntegrate Inc., and others. The VCE license legally allows these firms to exchange crypto, such as bitcoin, to fiat, such as Philippine peso, in the Philippines. To avoid any unwanted scams or any illegal transactions, you can buy and sell bitcoin with these VCE registered and licensed exchanges.
2. Fastest way to sell bitcoin
Now that it is clear to us how we can transact bitcoin safely within the Philippines, let's talk about how we can sell bitcoin conveniently.
In order for you to sell bitcoin in the Philippines, it is required that you register across any VCE accredited company. Buybitcoin.ph, a service of VCE registered company Rebittance, Inc., allows you to register for free and allows you to buy or sell bitcoin within the Philippine exchange market.
Below are the steps for selling bitcoin after you have completed your registration:
Create a sell order on the exchange, reflecting how much bitcoin you want to sell.
Send your bitcoin to the exchange for cash out processing. You can send your bitcoin via QR code or wallet address.
Sell order sample:
It’s as simple as that! The transacted PHP amount will be credited and will be available via cash out though your selected pay out method. If you transacted via Buybitcoin.ph, you can receive your cash within 1-business working day.
3. Cashing out over the counter (OTC)
There is an option to do cash out transactions over the counter as well. Assuming you are already registered with the exchange provider, you can directly message and engage with providers for a quicker turnaround time.
Buybitcoin.ph offers real-time feedback though Facebook Messenger Chat as well as other channels such as Viber & Whatsapp (0999-229-5607 or 0999-229-5608) or Telegram (@borjcosco or @niechaln). Below is the step-by-step process:
Message exchange via social media or chat channels.
Buybitcoin.ph exchange will share with you the agreed BTC sell price.
Buybitcoin.ph exchange provides wallet address for sending bitcoin.
Once the bitcoin is received, Buybitcoin.ph exchange shares payout schedule.
Buybitcoin.ph exchange deposits Philippine peso straight to your shared bank account.
FAQ: When is the right time to sell bitcoin? Let’s be honest, no one can read the bitcoin market future. The best way you can make an informed decision would be for you to understand the underlying technology behind bitcoin which is blockchain technology while exploring BTC's historical trends.
Whether your strategy is related to buying low and selling high or investing periodically via cost averaging, you must take responsibility when making your financial decisions and weigh out the risks and reward. At the end of the day, be sure to invest responsibly and educate yourself on the potential of blockchain technology and bitcoin. You can keep up to date with the latest cryptocurrency & blockchain events in the Philippines though BlockchainSPACE Philippines.
Rebittance Inc. - is registered with the Bangko Sentral ng Pilipinas (BSP) as a Remittance and Transfer Company (RTC) Type A Remittance Agent with Money Changing (MC) / Foreign Exchange Dealing (FXD) Virtual Currency Exchange (VCE) service (MSB Registration No. 60-00107-0-00000.) BSP – Financial Consumer Protection Department (Tel. No.: (632) 708.7325; Fax No.: (632) 708.7345)












